2021 and 2020 Inflation-Adjusted Tax Rates and Income Brackets
Due to some coronavirus and economic relief funding, we saw a few changes to the United States tax code. However, one of the virtually unchanged portions of the tax code is how individuals are taxed under the TCJA of 2017. Recently, the IRS released the tax rates and income brackets for completing your 2021 tax return in 2022. Let’s take a look at the adjusted rates in addition to the 2020 tax brackets that will be reported on your return to be filed in 2021.
Per usual, the changes made to the brackets are extremely small and most families shouldn’t be able to tell much of a difference if their income remains about the same. The professionals at The Center for Financial, Legal, and Tax Planning are more than knowledgeable with regards to the tax code and other aspects of both individual and business taxation. Please contact us at (618) 997-3436 with any questions.